Attacks on container vessels in the Red Sea have been wreaking havoc on one of the world’s most important trade routes for weeks, and shipping giant Maersk warned Thursday that the disruption could last as long as a year. Iran-backed Houthi militants stepped up their attacks on ships in late November in retaliation for Israel’s war against Hamas.
Carriers have consequently hiked the freight rates paid by companies to have their goods transported on their vessels and have also tacked on emergency surcharges. Global shipping costs per a typical 40-foot container stood at $3,786 this week, up 90% from the same time a year ago, according to the Drewry World Container Index. For the same-sized container traveling from Shanghai in China to Rotterdam in the Netherlands, the cost has jumped 158% compared with a year ago to hit $4,426.
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